Pharmaceutical CEO Martin Shkreli Arrested for Fraud
Martin Shkreli, CEO of Turing Pharmaceuticals, was arrested in New York City on Thursday (December 17) on charges of fraud.
You may remember the 32-year-old founder and businessman from his viral story several months ago. Martin acquired an HIV medication through his company and raised the drug from $13.50 to $750 overnight.
Martin was arrested for securities fraud, and is not related to his crazy drug practices from months ago, but rather from when he was a former hedge fund manager and running another company called Retrophin.
“Shkreli was the paradigm faithless servant,” Retrophin’s complaint read (via the New York Times). “Starting sometime in early 2012, and continuing until he left the company, Shkreli used his control over Retrophin to enrich himself and to pay off claims of MSMB investors (who he had defrauded).”